Magnite (NASDAQ:MGNI) CTO David Buonasera Sells 1,409 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 1,409 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $19.00, for a total transaction of $26,771.00. Following the sale, the chief technology officer directly owned 279,085 shares of the company’s stock, valued at approximately $5,302,615. This represents a 0.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

David Buonasera also recently made the following trade(s):

• On Tuesday, June 16th, David Buonasera sold 11,233 shares of Magnite stock. The shares were sold at an average price of $18.00, for a total transaction of $202,194.00.
• On Monday, June 15th, David Buonasera sold 1,057 shares of Magnite stock. The shares were sold at an average price of $17.00, for a total transaction of $17,969.00.
• On Monday, June 1st, David Buonasera sold 1,409 shares of Magnite stock. The shares were sold at an average price of $15.00, for a total transaction of $21,135.00.

Magnite Stock Down 1.7%

MGNI stock opened at $18.24 on Thursday. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.65. The firm has a market cap of $2.61 billion, a PE ratio of 17.54, a P/E/G ratio of 0.88 and a beta of 2.32. The firm has a 50 day simple moving average of $13.85 and a 200 day simple moving average of $13.94. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. During the same quarter in the previous year, the business earned $0.12 earnings per share. The firm’s revenue was up 5.5% compared to the same quarter last year. Equities research analysts forecast that Magnite, Inc. will post 0.6 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Benchmark cut their price target on shares of Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Needham & Company LLC restated a “buy” rating and set a $25.00 price target on shares of Magnite in a report on Thursday, April 16th. Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Wells Fargo & Company boosted their price target on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Finally, Rosenblatt Securities restated a “buy” rating and set a $39.00 price target on shares of Magnite in a report on Thursday, February 26th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $23.89.

Key Headlines Impacting Magnite

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Magnite announced a partnership with Viasat Aviation to bring programmatic advertising to in-flight screens, expanding its connected advertising reach and potentially opening a new revenue channel. Magnite and Viasat Aviation Partner to Bring Programmatic Advertising to In-Flight Screens
• Positive Sentiment: Investor sentiment appears strong, with unusual call-option activity showing a sharp jump in bullish bets on Magnite shares. Investors Purchase High Volume of Magnite Call Options (NASDAQ:MGNI)
• Positive Sentiment: Recent coverage notes Magnite shares have been gaining for multiple weeks, suggesting momentum traders are still interested despite mixed longer-term earnings-revision signals. MGNI stock eyes fifth week of gains: Magnite executives file plans to sell shares, but retail is unfazed
• Neutral Sentiment: Magnite’s stock saw unusually heavy trading and a strong session, but analysts warned that recent earnings estimate revisions may limit further near-term upside. Magnite (MGNI) Moves 10.8% Higher: Will This Strength Last?
• Negative Sentiment: Several Magnite executives and a director disclosed stock sales, including large sales by CEO Michael Barrett and CTO David Buonasera, which can weigh on investor sentiment even if the sales were preplanned or routine.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Neo Ivy Capital Management acquired a new position in Magnite in the 3rd quarter valued at approximately $27,000. US Bancorp DE increased its stake in Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after buying an additional 688 shares during the period. Strategic Advocates LLC acquired a new position in Magnite in the 3rd quarter valued at approximately $42,000. PNC Financial Services Group Inc. increased its stake in Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after buying an additional 755 shares during the period. Finally, Central Pacific Bank Trust Division acquired a new position in Magnite in the 4th quarter valued at approximately $41,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).